The loans have principal balances that range from $3.0 million to $130.0
million for the largest loan in the pool, which is secured by The Shops
at Riverside (10.2%), a 771,233 square foot regional mall, of which
473,549 square serves as loan collateral. The property is located in
Hackensack, New Jersey. The top five loans, which also include Gateway
Center (8.8%), EIP Industrial Portfolio (7.1%), 111 West Jackson (6.3%)
and Pots-Nets MHC Portfolio (4.8%), represent 37.0% of the initial pool
balance, while the top 10 loans represent 52.5%. The properties are
geographically diverse and located across 28 states with the three
largest state concentrations being New Jersey (14.0%), Illinois (11.6%)
and Pennsylvania (11.4%). The pool has exposure to two property types
with concentrations in excess of 10%: retail (35.2%) and office (33.9%).

KBRA’s analysis of the transaction incorporated our multi-borrower
rating process that begins with our analysts' evaluation of underlying
collateral properties' financial and operating performance, which
determine KBRA’s estimate of sustainable net cash flow (KNCF) and KBRA
value. The analysis incorporates a detailed evaluation of underlying
collateral properties’ financial and operating performance using our
CMBS Property Evaluation Guidelines to determine Kroll Net Cash Flow
(KNCF), which is a key input used in our credit modeling process. On an
aggregate basis, KNCF was 3.3% less than the issuer cash flow. KBRA
capitalization rates were applied to each asset’s NCF to derive values
that were, on an aggregate basis, 33.4% less than third party appraisal
values. The pool has an in-trust KLTV of 97.8% and an all-in KLTV of
101.5%. The model deploys rent and occupancy stresses, probability of
default regressions, and loss given default calculations to determine
losses for each collateral loan, which are then used to assign our
credit ratings.

The KBRA credit model deploys rent and occupancy stresses, probability
of default regressions, and loss given default calculations to determine
losses for each collateral loan, which are then used to assign our
credit ratings.

For complete details on the analysis, please see our presale report,
JPMCC 2013-C10 published today at www.krollbondratings.com.

The preliminary ratings are based on information known to KBRA at the
time of this publication. Information received subsequent to this
release could result in the assignment of final ratings that differ from
the preliminary ratings.

Preliminary Ratings Assigned: JPMCC 2013-C10

Class

Expected Ratings

Balance ($)

A-1

AAA(sf)

$63,440,000

A-2

AAA(sf)

$87,164,000

A-3

AAA(sf)

$22,445,000

A-4

AAA(sf)

$185,000,000

A-5

AAA(sf)

$430,080,000

A-SB

AAA(sf)

$106,694,000

X-A*

AAA(sf)

$1,001,882,000

X-B*

AAA(sf)

$276,436,391

A-S

AAA(sf)

$107,059,000

B

AA-(sf)

$84,689,000

C

A-(sf)

$55,926,000

D

BBB-(sf)

$47,937,000

E

BB(sf)

$30,360,000

F

B(sf)

$12,783,000

* Notional class

17g7 Disclosure

All Nationally Recognized Statistical Rating Organizations are required,
pursuant to SEC Rule 17g-7, to provide a description of a transaction’s
representations, warranties and enforcement mechanisms that are
available to investors when issuing credit ratings. KBRA’s disclosure
for this transaction can be found in the report entitled CMBS:
JPMCC 2013-C10 17g-7 Disclosure Report.

Kroll Bond Rating Agency is registered with the SEC as a nationally
recognized statistical rating organization (NRSRO). Kroll Bond Rating
Agency was established in 2010 to restore trust in credit ratings by
establishing new standards for assessing risk and by offering accurate,
clear, and transparent ratings.

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